The local unit of German utilities giant E.ON has raised its stakes in regional electricity distributors ELMŰ and EMÁSZ with the acquisition of state-owned Hungarian Electricity Worksʼ (MVM) holdings in the companies, E.ON told state news wire MTI.
E.ON acquired MVMʼs 15.86% stake in ELMŰ and 13.11% stake in EMÁSZ.
Following the acquisition E.ON directly owns 43.69% in ELMŰ and 42.76% in EMÁSZ.
MVM said on October 4 that it had agreed to sell E.ON Hungaria its stakes in ELMŰ and EMÁSZ, while acquiring a 25% stake in E.ON Hungaria.
E.ON became the indirect majority owner of both ELMŰ and EMÁSZ after its acquisition of the companiesʼ parent, German peer Innogy, was approved by the European Commission on September 17.
Combined with Innogyʼs holdings E.ON now controls a 98.94% stake in ELMŰ and a 97.03% stake in EMÁSZ.